Jet Edge Among First U.S. Companies to Ship New Equipment Orders to South Korea Following Recently Ratified Free Trade Agreement
Waterjet Manufacturer's $3/4 Million USD Export Filled Two Cargo Containers
ST. MICHAEL, Minn. - Waterjet systems manufacturer Jet Edge, Inc. recently became one of the first U.S. companies to take advantage of the United States' new free trade agreement with South Korea, shipping two containers of industrial ultra-high pressure waterjet equipment valued at more than $700,000 USD to the Republic of Korea.
Under the United States-Korea Free Trade Agreement (KORUS FTA), which went into effect March 15, 2012, some 80 percent of U.S. industrial and commercial exports to Korea are now duty free, nearly 95 percent of trade will become duty free within five years, and most remaining tariffs will be eliminated within 10 years. The KORUS FTA is the United States' most significant trade deal since the North American Free Trade Agreement with Mexico and Canada in 1994. It is expected to add $10-12 billion to annual U.S. Gross Domestic Product.
Jet Edge estimates that under the FTA's stepped tariff reduction schedule for waterjet systems, its Korean customer will save almost $19,000 USD. By year three of the agreement, the same size order would make Jet Edge's American-made equipment approximately $56,000 USD more competitive than similar goods imported from Europe or other Asian counties without similar free trade agreements between the two countries.
"The U.S.-Korea FTA is a tremendous opportunity for Jet Edge and other U.S. manufacturers to be more competitive and increase industrial manufacturing exports to South Korea," said David Anderson, Jet Edge international sales manager. "As you may recall, Gov. Mark Dayton's first trade mission as Minnesota's governor was to South Korea, and Jet Edge was awarded the Korean contract at the same time as the governor's trade mission, so Jet Edge's export is a significant milestone for our state's economy. The FTA also is a huge success story for the U.S. Commercial Service and President Obama's 5-year National Export Initiative."
Recently recognized by Gov. Dayton for its export initiatives, Jet Edge has sales offices throughout the United States and in Shanghai, China, as well as distributors in Canada, Mexico, Europe, Asia/Pacific, South America and the Middle East/Africa. The company derives approximately 26% of its total new equipment sales from foreign buyers and has seen three consecutive years of growth in machine tool export sales. The water jet manufacturer broke an all-time record month for shipments in June 2011, including first-time shipments to new export markets in China and Poland.
Jet Edge's recent international endeavors include opening a sales, service and training office in China, establishing an R&D partnership with waterjet manufacturer Tecnocut S.p.A. in Italy and establishing new export sales for Jet Edge in Japan, China, South Korea, Poland, Italy, and the Middle East. The company also has established a rigorous training program for all international distributors to ensure they are equipped to provide optimum service and support to Jet Edge's overseas customers.
About Jet Edge
Established in 1984, Jet Edge is a global designer and manufacturer of waterjet systems for precision cutting, surface preparation and coating removal. Jet Edge systems are used around the world in a broad range of industries, from the world's leading airlines to automotive, aerospace, industrial manufacturers, machine and job shops. Jet Edge waterjet systems are proudly made in the U.S.A.
For more information about Jet Edge, visit www.jetedge.com, e-mail sales@jetedge.com or call 1-800-JET-EDGE (538-3343). Follow us on Twitter @jetedge.
Jet Edge, Inc. - 12070 43rd Street N.E., St. Michael, MN 55376-8427, U.S.A.
www.jetedge.com - 800-JET-EDGE - sales@jetedge.com
CONTACT:
Nancy Lauseng
Marketing Manager
763-497-8726 | nancyl@jetedge.com
David Anderson
International Sales Manager
763-497-8718 | davea@jetedge.com
